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I didn't notice anyone complaining when the price was going up. When the bubble burst, as (almost) everyone knew it would, the blame get's thrown on the exchange.
Yeah, they underestimated capacity. They did not cause the bubble or its inevitable burst.
You didn't notice anyone complaining when there was no lag and you noticed people complaining when the lag reached 1.2 HOURS. Your point? I actually made quite a lot of money yesterday from the crash. Personally, I gained, but did so under tremendous uncertainty and only because I can code more resilient code. My trading app was able to continue to make trades even under tremendous lag and so I made a bit of money. The point here is that mtgox didn't just fail, they failed spectacularly, in a way that was entirely predictable and seriously damaged the market's ability to rebound and adjust. It fed the panic uneccessarily. It will only get worse. You can pretend this is just sour grapes, but for me the grapes were sweet and I still SPIT in mtgox's face. My point is that this is a new level for BTC. I'm not excusing mtgox for their failure. I'm hoping this will wake up the other exchanges and services and even the community as a whole to the fact that there are systems out there that will fail under extreme loads. I don't know if it will get worse or if this will scare off a good number of speculators. I am confident it will happen again at some point. Maybe people will be more cautious. |
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I didn't notice anyone complaining when the price was going up. When the bubble burst, as (almost) everyone knew it would, the blame get's thrown on the exchange.
Yeah, they underestimated capacity. They did not cause the bubble or its inevitable burst.
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This exchange was not prepared for the large increases in volume..... Once you get lawyers involved in BTC, it will die shortly.
Simple question: If they weren't prepared enough, why did they let the ppl in? was the profit they were generating not enough? They placed greediness over risk management? And if gox disappears after a class action, its still a sign for the other exchanges Obviously, they should have done something sooner. There were signs of overload for days. They would have had to halt trading at some point. I won't speculate on their reasons for not addressing the issues sooner. My point is that any legal retribution against them opens the floodgates. The legal system involves the government court system. That would be bad for the BTC community. What would be good is if the community could help prevent this type of problem from happening in the future. I think the services rating system linked in this thread is a good idea. |
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You can't have it both ways. Bitcoin is designed to be a self-regulating currency. I understand that people who have a large exposure to BTC (I don't) would be very upset. This exchange was not prepared for the large increases in volume. Blame it on media hype or Cyprus or whatever. The fact is that these exchanges provide a valuable service to trade BTC. If you don't like it, start your own. A lawsuit against an exchange might set a precedent for all BTC businesses. Once you get lawyers involved in BTC, it will die shortly.
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I have some respect for Pento, but wow. Does he take investing advice from his IT team? The probably read a couple of entries on the wiki and thought they understood the whole BTC world.
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As opposed to social security. A ponzi scheme run by the US government.
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I'm not sure I would be building a GPU rig now. But since you are, I will tell you that you don't need to use crossfire. From what I have read here, mining does not require crossfire support.
Search for crossfire in the hardware subsection to verify.
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Bubbles are not unique to the stock market. Look up the Tulip bubble.
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It'll be too high when they start talking about it on CNBC. That's your sell signal.
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Trust has to be earned. Trusting others with your money or bitcoins has to be taken seriously, but trust can be built. There are good people out there.
Especially with a new money system. There will always be people trying to scam you out of something. It just makes it tougher for legitimate people to make it. As the price of bitcoins go up, it will attract more scammers. |
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Hello. Nice to be here. Love these boards. Lots a great info and well informed individuals.
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Nah, wait till it's $100.
Or until its $10 |
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All bubbles eventually burst. They usually revert back to wherever the bubble started and at about the same time interval that the bubble grew. Pretty symmetrical.
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I made a very simple ticker using the mtgox api and formatted it for mobile screens. No ads. No clutter. http://www.koobiesoft.com/mtgoxtickPlease be aware the data from mtgox is not always available. Enjoy! |
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